Clarkson hoists profit forecasts yet again after 'stronger than anticipated' end of year
The shipping services group said underlying pre-tax profit will be at least £69mln, well up from the £43-45mln expected at the start of last year
Company
LON:CKN
Clarksons are the world's leading provider of integrated shipping services, broking all types of cargo, including dry cargo, oil and raw materials, speciality chemicals, liquefied natural gas and containers.
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The shipping services group said underlying pre-tax profit will be at least £69mln, well up from the £43-45mln expected at the start of last year
Shares in the company hit an all-time high of £42.25 in early November
Underlying profits are on track to be in the range of £43mln-£45mln
“We have delivered 17 consecutive years of dividend growth,” said chief executive Andi Case.
After almost all activity in the financial division ground to a halt, a “small restructuring” was conducted to reduce costs
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"Clarksons has delivered a robust performance in the first half of 2019 ... despite suppressed investor appetite weighing on the financial markets," said CEO, Andy Case
JPMorgan’s analysts said: “Clarkson’s FY results were around 4% ahead of our estimates, with Broking strength offsetting ongoing Financial weakness and head office IT spend”
The FTSE 250-listed firm reported a fall in 2018 underlying pre-tax profit to £45.3mmln, down from £50.2mln a year earlier, but ahead of consensus expectations for £44.4mln
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Forecasts were lowered last April when Clarkson warned a “quiet period” of sales would dent 2018 profits
April's profit warning was not followed by another one; in fact, the group said trading conditions improved in some markets in the second quarter
The UK benchmark of leading shares closed down over 24 points at 7,642.
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The FTSE 250-listed shipping firm said that the challenging environment in shipping and offshore capital markets has led to transactions being pushed back within the financial segment
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FTSE 100 closed around 30 points higher at 7,398 on Minday
Clarkson said it remains cautious of geopolitical and macroeconomic factors
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Britain's blue-chip benchmark closed down over nine points, or 0.13% to 7,214..